The overall market has seen a significant price decline in all major cryptocurrencies over the past few days, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Amidst this market decline, Ethereum (ETH), the world’s second-largest cryptocurrency, has formed a bullish price action pattern on the 4-hour timeframe.
Ethereum’s ascending triangle pattern
Over the past week, ETH consolidated in a tight range between $2,340 and $2,700. During this time, ETH formed a bullish ascending triangle pattern at the crucial support level.
ETH Price Prediction
After the formation of a bullish price action pattern, experts expect a bullish forecast for ETH. However, the price is trading below the 200 Exponential Moving Average (EMA) on both the 4-hour and daily timeframes, indicating a bearish trend.
If ETH breaks out of the bullish ascending triangle pattern within 4 hours and closes a candle above the $2,751 mark, there is a high possibility of it rallying 12% to the $3,100 mark in the coming days. This mark is near the 200-EMA, which is a strong resistance for ETH.
However, the current bearish market sentiment might make it difficult for ETH to break this resistance level of the ascending triangle pattern. Moreover, investors and institutions continue to accumulate tokens at lower levels due to the bearish market sentiment and ongoing consolidation.
66% of ETH holders are profitable
Apart from this technical analysis, on-chain analytics firm IntoTheBlock recently published a post on X (formerly Twitter) stating that almost 66% of ETH holders are currently profitable. This post on X (formerly Twitter) has garnered a lot of attention in the crypto community. Moreover, such profitability was last observed in October 2023 when ETH was trading near the $1,800 mark.
At press time, ETH is trading near the $2,630 mark and has remained stable over the past 24 hours. During the same period, it has also touched the $2,700 mark. This stability, combined with the bullish price action pattern, has led to a significant 95% increase in trading volume.
